South Dakota law currently allows trustees to resign, but this bill clarifies and expands the resignation process by allowing trustees to resign without court approval if they give proper notice to key parties. For revocable trusts, a trustee can resign with 30 days' notice to the settlor and other fiduciaries; for irrevocable trusts, the same 30-day notice applies but must also reach beneficiaries who are legally entitled to know about the resignation. The bill also updates outdated language by replacing "his" with "its" when referring to the trustee office.
AI-generated summary
Signed by the Governor S.J. 396
Delivered to the Governor S.J. 343
Signed by the Speaker H.J. 363
Signed by the President S.J. 320
House of Representatives Do Pass Amended Passed, YEAS 69, NAYS 0. H.J. 330
Judiciary Placed on consent
Judiciary Do Pass Passed, YEAS 13, NAYS 0. H.J. 304
Judiciary Scheduled for hearing
First read in House and referred to House Judiciary H.J. 221
Senate Do Pass Amended Passed, YEAS 33, NAYS 1. S.J. 193
Senate Motion to amend S.J. 193
Commerce and Energy Do Pass Passed, YEAS 7, NAYS 0. S.J. 160
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 97
Jeff Partridge
Prime sponsor · Sen.
R
Jon Hansen
Prime sponsor · Rep.
R
Cosponsors
Do Pass Amended
Judiciary — Do Pass
Do Pass Amended
Commerce and Energy — Do Pass